Anticipated Increase in Cryptocurrency Tax Evasion Foreseen by IRS Investigation Chief

The Internal Revenue Service (IRS) in the United States is preparing for an increase in crypto tax crime cases as the tax reporting season approaches. Guy Ficco, the chief of IRS criminal investigation, stated that his agency has become more aggressive and capable of dealing with crypto-related tax crimes. He mentioned that there has been a rise in cases of tax fraud and evasion involving cryptocurrencies, and expects this trend to continue. Ficco also highlighted the partnership between the IRS and blockchain analysis firm Chainalysis, as well as other law enforcement agencies, to crack down on crypto crime. He provided some basic rules for properly filing taxes related to crypto assets and warned against evading taxes or providing false information. The IRS is taking a proactive approach in investigating and prosecuting individuals who have failed to report their crypto taxes or intentionally misrepresented their tax returns.